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ECB Cut Debt Purchases To A Trickle As Operation "Kick Silvio Out" Proceeded
As was just reported by the ECB, the amount of debt monetizations (sterilized supposedly, but when the banks exist purely due to ECB funding it is not really sterilization) in the past week was €4.5 billion. As explained previously, this does not include T+3 operations since Wednesday which have yet to settle, and which is where the kicker is as can be seen on the chart below as the move from 82 to 89 on the 4.75% of 2021 occurred on Thursday and Friday. The week's number is notable because in the week before €9.5 billion was monetized (bringing the total purchases under the SMP to €192.5 billion). Of course, by Thursday Silvio was out. And that's when the buying really started. Expect to see a surge in the next week's reported ECB purchases even as the Italian bond market once again begins selling off.
Bond purchases by the SMP:
And the move in BTP prices since two Wednesdays ago, showing what today's report accounts for.
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Caught this story on CNBC this morning. Cronyism continues to be bullish.
There will be so much short term pain for the EU.
The problem I see developing with their game plan is people don't get emotionally drawn to banks along cultural lines, its not like nationalism. Perhaps I'm overly optimistic but I bet TPTB are scared at the moment as they're going to have to take even more brazen and insane decisions and measures just to see us through another day.
Good for stocks. Everything is good for stocks
Mark Cuban just blew crammer away on cnbc calling the stock market a scam.
y'all remember those sheeple cheering sylvio's departure?
Italian letter to European Commission says 300,000 public job cuts by 2014
don't forget to add the trickle down effect!
Berlusconi wasn't exactly a stellar leader (the whole stacking the cabinet with x-porn star's and changing laws so he wouldn't go to jail) but did he really manage debt crisis worse than other leaders?
So what really triggered the Italian bond yield horror show? Blame politics.
Mr. Berlusconi was seen as part of the debt crisis problem, not the solution by
the northern countries. When the recession started after the Lehman Bros.
collapse in 2008, he denied Italy was in trouble. Later, when Germany and France
demanded austerity programs, he at first balked, then begrudgingly agreed to put
them in place, though not at the level deemed sufficient by Germany, the euro
zone’s paymaster.
He ensured his own destruction when, in July, he turned on his own finance
minister, Giulio Tremonti, whose desire to ramp up the austerity measures went
beyond the prime minister’s comfort levels.
But maybe Mr. Berlusconi wasn’t in denial, distracted or just plain lazy.
Maybe he didn’t want to take Italy down the road to German serfdom by subjecting
the country to the same sort of austerity programs that are killing the Greek
economy and severely damaging Spain, Portugal, Ireland and Britain. Indeed, the
whole thinking on austerity is changing. Deep spending cuts are translating into
deep reductions in growth, intensifying the debt crisis. Even Canada has delayed
plans to balance its budget.
Silvio is gone and tarnished. But who can say he did a worse job at managing
the debt crisis than anyone else in the sorry euro zone?
http://m.theglobeandmail.com/report-on-business/commentary/eric-reguly/b...
Greece and the new and efficient tax collection method. Roflol!
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_29396_13/11/2011_414541
I hope this blows up in these crooks faces soon. I don't understand the Italian people just rolling over and allowing a NWO goon to be put in charge. Are they that dispondent?
I don't understand the legality of this appointment, surely a leader neds to be elected? Then again, I know nothing of the Italian constitution so perhaps it is fine to cede power to a bansksta scheme. If the Italian people revolt, how can Mario claim authority to enforce martial law? I notice with some interest his body language at this point. Yes he projects a certain dignity and discipline, but also a certain humility. I'm not sure at this point if it is genuine humility over the appointment, or one borne by an inate knowing that this appointment is a complete sham. It will be interesting to see that language evolve with time on the job.
Also, the problem with "temporary" appointments like this is the people appointed as leaders, as well as their masters and minions get to like this particular power and become very reluctant to give it up. 5 or 10 more country appointments like Mario, and in a few years the people will tear down the banking system - if it hasn't imploded by then.
look at the DAX market on a daily and overlay the 200 ema on it, looks like mid-2008 or 2001, had a short squeeze back up to the 200, ready to continue down.
Update on CDS's
Nov. 14 (Bloomberg) -- Belgium CDS rise 14bps to record
320, CMA says.
• Spain CDS increase 21bps to record 441
• France CDS rise 6bps to record 207
• Italy CDS up 30bps to 555
Stabeeletee!
Everything will be fixed by a new government of goldman sacks.
Just imagine if everyone, including governments especially, did not use debt.
What a wonderful world it would be. Now you have the bankers firmly in control, and all it takes is a few days of not supporting government debt to bring a country to its knees. Hello dark ages!